Boston National Introduces Loan-level Home Equity Solution

August 16, 2022

Boston National Title Agency (BN) unveiled a new second mortgage and HELOC solution that helps lenders optimize their home equity processing for speed and cost-efficiency.

The announcement comes at a time when U.S. homeowners have close to $28 trillion in equity. But unlike conventional mortgages and refinances, the margins on HELOCs are much smaller. Financial success requires careful cost control. The BN platform, which incorporates a series of different valuation products from sister company Incenter Appraisal Management (IAM) as well as insurance products like flood insurance from Incenter Insurance Solutions, allows lenders to mix and match the right set of title, appraisal and insurance products for each loan type. A Jumbo may get a full title report and a full 1004 appraisal and a traditional wet-signing while a $24,000 HELOC may get a legal and vesting report, a drive-by appraisal using IAM’s remote valuation platform and an IPEN signing. 

“Our platform addresses the real obstacle to speed and efficiency with these loans: there’s a lot of variety in them from one lender to the next and one loan to the next,” said Nathan Bossers, president of Boston National. “Second mortgages need to be processed more like a traditional mortgage. Lender A’s second mortgages need a different level of title report than Lender B’s. Private wealth Jumbos need a different level of services than regular HELOCs.”

“Instead of building a processing solution that treats every loan the same way, we built one that flexes with every transaction. It’s the only way to deliver on the speed and efficiency promise for all home equity products—not just the easy ones,” he added.

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